205 ILCS 710/ Banking on Illinois Act.

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

205 ILCS 710/1

(205 ILCS 710/1)

Sec. 1.

Short title.

This Act may be cited as the

Banking on Illinois Act.

(Source: P.A. 91-330, eff. 7-29-99.)

205 ILCS 710/5

(205 ILCS 710/5)

Sec. 5.

Findings and declarations of policy.

The General Assembly hereby
finds and declares:

(1) that the economic strength and general welfare of

Illinois depends on a strong, profitable, and competitive banking industry in this State that preserves and creates employment, increases credit availability, attracts capital, and expands the savings base for the citizens of this State;

(2) that the removal of geographic restrictions in

the federal banking laws and in the laws of the 50 states has given rise to a substantial number of newly created community banks and interstate bank mergers requiring the selection of main office locations and relocations;

(3) that by ensuring a favorable environment for

banks to commence and operate their businesses from this State, more newly created community banks and merging banks will choose to maintain or retain their headquarters in and relocate their main banking offices to Illinois; and

(4) that preserving and increasing the number of bank

headquarters and main banking offices within Illinois will substantially increase employment opportunities, credit availability, and capital investment in this State, while strengthening the savings base of this State, thereby providing significant benefits to all Illinois citizens, to commercial and agricultural businesses of all sizes in this State, and to all local governments and political subdivisions of this State.

(Source: P.A. 91-330, eff. 7-29-99.)

205 ILCS 710/10

(205 ILCS 710/10)

Sec. 10.

Purpose.

The purpose of this Act is to encourage and provide a
favorable environment in Illinois for the chartering and operating of
banks
that locate and maintain main banking offices in this State.

(Source: P.A. 91-330, eff. 7-29-99.)

205 ILCS 710/15

(205 ILCS 710/15)

Sec. 15.

Application of Illinois law.

(a) To further the purpose and policies of this Act, the provisions of the
following Acts shall be liberally construed:

(1) the Illinois Banking Act; and

(2) the Foreign Banking Office Act.

(b) Subsection (a) of this Section shall not be applied in a manner that
will adversely affect the safety and soundness of a bank.

(Source: P.A. 91-330, eff. 7-29-99.)

205 ILCS 710/95

(205 ILCS 710/95)

Sec. 95.

(Amendatory provisions; text omitted.)

(Source: P.A. 91-330, eff. 7-29-99; text omitted.)

205 ILCS 710/99

(205 ILCS 710/99)

Sec. 99.

Effective date.

This Act takes effect upon becoming law.

(Source: P.A. 91-330, eff. 7-29-99.)